Article Archive

President's Report

From the October 2003 edition of Finance Broker Magazine

by Maurie Unwin, Former National President

By the time the October 2003 edition of The Finance Broker magazine is published I will have chosen not to nominate for a further term as the National President of the Finance Brokers Association.

I have held the position since the formation of the Association some eleven years ago and I believe we have achieved what the foundation members set out to do.

That was to have an Association principally for Finance Brokers by Finance Brokers and to be a single voice covering all streams of Finance broking to deal with Governments, Regulators and other Industry Participants and more importantly promote Finance Broking as a true Profession.

The Association’s new Code of Practice incorporating an Independent Disputes Resolution Service modelled on an existing ASIC registered Code is now finalised and came into being on the first of October and will be listed on our website shortly for all to read, digest and comment upon. (See CEO's Article this edition of The Finance Broker).

To continue our goals in making the Broking Industry more professional the Association is a participant on the Commonwealth Government's Finance Broking Competency Training Standards Body and we have recently formed a strategic alliance with an organisation to assist with the formulation and promotion of training courses for all levels pertaining to the Broking Profession. It is proposed that the Courses will be in modules, and where possible, will be accessed on the Internet.

As a matter of interest it was not until early this year that the Commonwealth Government recognised for the first time that Finance Broking was a Profession.(I have always classed myself as a Professional).

Shortly, for the exclusive use by members of the FBAA, a specific Privacy Act Authority for Finance Brokers, approved by the Commonwealth Privacy Commissioner, will be available from the members area of our website. (Did you know that if you have a Lender’s Privacy Authority signed by your client and not one specifically for yourself, you disqualify yourself form dealing with that client's private matters from a privacy perspective.) Our thanks go to the Association's Solicitors, Clayton Utz, for their promulgation of the Privacy Document and negotiations with the Commonwealth Privacy Commissioner.

Recently I visited our Branch in West Australia, which is ably led by State President Lynne Cox. What a dynamic branch Lynne has built with an abundance of helpers, all with the same interest in making the Finance Broking Industry a profession worth being part of. We were fortunate to be in Perth for a Breakfast meeting attended by one hundred and forty five Industry representatives where the guest Speaker was the Chairman of the Finance Brokers Licensing Board.

Whilst in Perth I was an invited guest as the FBAA Industry representative to a meeting of the State Broker Licensing Board.

Most industry participants are aware that West Australia has compulsory licensing of all participants in our profession be they in mortgage, commercial, business or chattel finance.

In WA due to licensing it is actually known who and how many Brokers are in the Broking business. Unlike the rest of Australia where no one has any idea how many brokers there are.

It would be a boon to the Finance Industry, The Finance Broking Profession and Consumers if we could mirror the WA legislation in all other States and Territories. It would not be that hard! Unfortunately it would seem that States rights are a major obstacle in this regard.

On 18th September a breakfast meeting promoted by the FBAA was held in Melbourne attended by many Industry participants to hear the Victorian State Government's Commissioner for Fair Trading outline that State's views on National Regulation of the Finance Broking Industry.

From that meeting, many expressions of interest were received to assist in the formation of a Victorian Branch of the Finance Brokers Association. A further meeting to elect the steering Committee is set down for later this month.

As you can see from the foregoing our Association is going from strength to strength and is listened to, even though not always agreed with, by those in the realms of power and it is my belief that with the calibre of Office Bearers both at State and National level our Association's future is assured.

Unfortunately there is not enough room in this magazine to thank all those who have been a part of the planning and have ridden this course with me.

They know who they are. "Thanks to All".

Good luck.
Maurie Unwin